The US dollar increased by 0.56% on Friday amid risk aversion in global markets - ICICI Direct
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Rupee Outlook and Strategy
* The US dollar increased by 0.56% on Friday amid risk aversion in global markets. Market sentiments were hurt on worries over rising interest rates and surge in Covid-19 cases slowing global economic recovery. Further, the dollar strengthened as the US Federal Reserve said they would accelerate the pace of monetary tightening and signalled three rate hikes next year
* Rupee future maturing on December 29 appreciated by 0.11% on weakness in the dollar and softening of crude oil prices
* The rupee is expected to depreciate on strong dollar and risk aversion in global markets. Market sentiments were hurt on fears that a new series of restrictions to slow down the spread of new variant will hurt the global economic recovery. Additionally, investors fear that monetary tightening in major counties across the globe to tackle elevated inflation may lead to outflows of overseas investments. US$INR (December) is expected to trade in a range of 76.00-76.40
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